Interim REhabilitation Support to Cushion Unfavorably-affected Enterprises by CoVid-19
The I-RESCUE Lending Program is LANDBANK’s support program for the SMEs, cooperatives, and microfinance institutions (MFIs) which are affected by the economic impact of the CoVid-19 pandemic to the country. The program will provide interim measures to help SMEs, co-ops and MFIs through provision of additional funds and by loan restructuring under more flexible terms and conditions. I-RESCUE supports RA 11469, also known as the “Bayanihan to Heal as One Act.”
1) Accomplished Loan Application Form (with pictures, if applicable)
2) Securities and Exchange Commission (SEC)/Department of Trade and Industry (DTI) – certified or Corporate Secretary certified true copy of the SEC/DTI Certificate of Registration, Articles of Incorporation and By-Laws
3) Corporate Secretary-certified true copy of the duly notarized certificate confirming the resolution of the Board of Directors and/or committees or bodies authorizing the application for LANDBANK loans and specifying the authorized signatories
4) Valid certificates/permits/licenses/clearances from concerned government agencies
5) Audited F/S for the last three (3) years plus the current year F/S
6) List of key officers of the firm
7) Client Information and Signature Specimen Card and at least one valid/government ID such as but not limited to unexpired passport, Social Security System, Government Service Insurance System or driver's license
8) Tax Identification Number
Note: Applicable only if the above-listed documents are not on-file.
2. Credit Program for Coops and MFIs
1) Letter-request to avail from the Term Loan from Coops/MFIs signed by its authorized signatories, indicating among others the following:
a. Amount of loan to be availed
b. No. of prospective sub-borrowers
c. Name of commodity/projects to finance
Note: This is for the purpose of determining more
2) Masterlist of sub-borrowers/sub-PNs to be assigned, if available
3) PDCs, if the Masterlist of Sub-Borrowers is not yet available
4) The Coop/MFI shall maintain custody of all sub-borrower’s PN including underlying collateral. The Coop/MFI shall submit a Notarized undertaking to keep custody of the sub-borrower’s PN and its underlying collaterals provided in favor of LANDBANK and that the same are open for inspection and audit of LANDBANK representative, anytime at the Bank’s discretion.
1) The Coop/MFI shall submit a Schedule of Loans Disbursed under the I-RESCUE Lending Program (Exhibit 1) not later than sixty (60) calendar days after the loan has been released
2) The Coop/MFI shall return of to LANDBANK the amount the undisbursed amounts including the interest incurred computed up to the date of return/payment not later than 91st calendar day from date of loan release, if any.
3) No subsequent releases shall be made until the Coop/MFI has submitted the complete schedule of loan receivables and has returned/paid to LANDBANK the undisbursed amount including the interest incurred.
4) Validation of sub-PNs shall be covered by the provisions of CPI 2016-007 (Revised Guidelines on Post Validation, Verification and Applicable Sanctions Relative to Credit Facilities secured by Deed of Assignment of PNs), as may be amended.
How to Apply
GENERAL LENDING GUIDELINES
1. Program Fund - Php10 Billion Initial Internal Fund
2. Loan shall be made available until December 31, 2020.
3. The program shall be eligible to SMEs, Coops and MFIs.
4. Types of Credit Assistance
a. Rehabilitation of Credit Programs
b. Rehabilitation thru Loan Restructuring
Up to 85% of need
The program shall be eligible to SMEs, Coops and MFIs.